Tradeontop has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Onyx TCS. We’ve received over 6 complaints against Tradeontop.
Investing in financial markets necessitates cautious broker selection. Tradeontop, a supposed forex broker, raises several red flags, implying that it may be unlawful. It lacks verifiable regulatory status, provides suspicious trading features, and has been blacklisted by financial authorities. Potential investors should proceed with caution and seek regulated brokers with sufficient oversight to provide a safe trading environment.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is Tradeontop Regulated? Do They Have a License?
Investing in the financial markets necessitates careful selection of a reputable broker. Tradeontop portrays itself as a respectable forex broker and invites investors to use its platform. However, a closer look reveals multiple red flags that suggest Tradeontop may not be a legal financial services company. This analysis will help you spot potential frauds and offer more dependable investment options.
When choosing a forex broker, its regulatory status is crucial. Licensed brokers openly reveal information about their organization, jurisdiction, and regulatory oversight. Tradeontop fails in this regard because it does not give verifiable corporate names or regulatory license information. Although the webpage has a UK contact address, the Terms and Conditions state that Tradeontop Limited is based in the UK but also claims jurisdiction in Saint Lucia, an offshore zone.
In the United Kingdom, brokers must hold a Financial Conduct Authority (FCA) license. However, Tradeontop is not registered on the FCA’s register, indicating that company lacks the required authorization. Furthermore, the Italian financial authority, CONSOB, has blacklisted Tradeontop, cautioning investors that it is not a genuine financial services provider.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Tradeontop might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Tradeontop, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Tradeontop
Tradeontop provides a basic web trading platform without additional features or customization possibilities. This platform is frequently used by unscrupulous brokers to provide the appearance of legitimate trading. While it allows you to make orders and use technical indicators, it falls short of industry-standard platforms like MetaTrader 4 (MT4) and MetaTrader 5. These platforms offer considerable functionality, such as automated trading, custom scripts, and backtesting.
Tradeontop needs a minimum deposit of €250, which is consistent with industry standards. However, for this money, you may create an account with a reputable, registered broker. Leading brokers provide Micro and Cent accounts with lower entry limits, making them ideal for new investors.
Tradeontop’s payment alternatives are limited. Although it appears to take credit and debit card payments, the deposit menu sends customers to another website where they can purchase a training course. Legitimate brokers often provide a variety of transparent payment methods, including bank transfers and e-wallets like PayPal, Skrill, and Neteller.
Tradeontop promises to provide a comprehensive selection of trading instruments, such as currency pairs, commodities, equities, indices, ETFs, and cryptocurrencies. However, UK-based brokers registered by the FCA do not provide bitcoin trading, making Tradeontop’s products suspect.
The spreads listed on the site, such as 1.1 pips for the EURUSD, are standard. However, the legitimacy of these trades is uncertain, and it is unknown whether Tradeontop charges additional commissions.
Tradeontop advertises high leverage levels of up to 1:500, which are much greater than the limitations established by global regulators. High leverage can result in significant losses, thus respected regulators such as the FCA and EU authorities limit leverage to safeguard retail traders.
Tradeontop also provides perks that registered brokers are not allowed to give. Such bonuses frequently come with unjustifiable terms, such as excessive minimum trading volume requirements before withdrawals can be made.
Tradeontop charges a 3.5% withdrawal fee, with a minimum of $30. Most regulated brokers do not impose withdrawal fees. Furthermore, accounts that earn bonuses must achieve significant trading volume requirements, usually 40-50 times the bonus value, before they may be withdrawn.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
Tradeontop Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Tradeontop Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if Tradeontop might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online Tradeontop reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Tradeontop, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like Tradeontop enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Tradeontop reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Tradeontop.
You should always look out for consumer complaints. In the case of Tradeontop, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Tradeontop? You can share your complaint in the comment section or submit an anonymous tip.
Is Tradeontop Legit Or a Scam?
Tradeontop displays multiple red flags, showing that it is not a legitimate forex broker. It lacks enough regulatory control, gives incorrect legal information, and has been banned by financial authorities. Potential investors should exercise caution and consider working with brokers licensed by respectable agencies such as the FCA or CySEC. These brokers include safeguards such as negative balance protection, segregated accounts, and involvement in investor compensation systems, resulting in a more secure trading environment.
Tradeontop is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Tradeontop can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Tradeontop?
All the evidence suggests that Tradeontop might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
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How Forex Scams Work
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
